The market has not missed this lack of progress. Sectors that would theoretically benefit from Trump's policies, like industrials, have given back a chunk of their postelection gains, while those that would be hurt, like retail, have recently gotten a boost. These moves appear to be investors telling the president they haven't seen enough progress.

Massive investors like Bridgewater and firms like Bank of America aren't helping matters, having thrown cold water on the idea of a seamless implementation as recently as Wednesday.

Even financials, the golden child of the S&P 500 postelection rally that reached as high as 12%, have faltered of late. The same goes for companies that pay the most taxes. A quick glance at trading over the past couple of weeks shows investors are listening to the heavyweights who are now doubling as stock market naysayers.

Here's a further breakdown of the four areas serving as bellwether indicators for the health of the flagging Trump trade:

Investors are beginning to doubt Trump's plans to pass a tax cut that is the "biggest since Ronald Reagan."

Business Insider / Andy Kiersz, data from Bloomberg

The most highly taxed stocks in the US enjoyed a double-digit rally following the election on expectations that Trump would lower the corporate tax rate. During the campaign, the president suggested lowering the rate to 15% from 35%, a cut that would have an outsize impact on companies paying the most.

Also, Treasury Secretary Steven Mnuchin originally set a deadline of August for the tax overhaul, but Trump, Mnuchin, and top economic adviser Gary Cohn have walked back that promise.

This shift has led to skepticism regarding the promise, Bridgewater Associates said. In a client note on Wednesday, co-CIO Greg Jensen and senior investment associate Atul Narayan said they saw the tax rate landing closer to 25% and were generally anticipating "less impactful tax reform."

Also, count Bank of America among the nonbelievers. The firm conducted a survey, published Wednesday, finding that 21% of fund managers saw a delay in US tax reform as the biggest tail risk to economic growth, more than double from the prior month. As an extension of that, the number of fund managers expecting faster global growth over the next 12 months was "rolling over," according to the note on the survey from Michael Hartnett, BAML's chief investment strategist.

A 50-company basket of highly taxed companies maintained by Goldman Sachs climbed by as much as 14% following the election through March 1. But as skepticism around Trump's proposed measures has mounted, the gauge has fallen by 3.6% from March 1 through Wednesday's close.

Trump said he would spend $1 trillion on infrastructure, but the market isn't so sure it will happen.

Business Insider / Andy Kiersz, data from Bloomberg

Industrial stocks saw one of the US market's biggest spikes following the election, rising by 5.6% in just one week. It showed investors were putting serious faith in Trump's pledge to rebuild the country's infrastructure — an initiative that would have a wide-reaching effect not just on builders but also on engineering firms and raw-material producers.

Despite this, no plans have advanced regarding Dodd-Frank, and members of the Trump administration including Mnuchin and Cohn have suggested that they support a new version of the Glass-Steagall Act that would separate commercial and investment banks.

Looser regulations would be music to JPMorgan CEO Jamie Dimon's ears. He took a shot at heightened post-financial-crisis regulation in a company earnings call on April 13, arguing that the complex web of government oversight had dampened banks' willingness to lend. Dimon called many of the new rules "hastily developed" and said the result has been a "complex, highly risky and unpredictable operating environment."

The S&P 500 Financials Index surged by as much as 26% after the election through March 1 to its highest level since the start of the bull market in March 2009. But as skepticism around Trump's proposed measures has mounted, the sector had slipped 8.5% from March 1 through Wednesday's close.

The effect of rising interest rates on financial shares should also be noted. The group's gains in the past six months are at least partially attributable to expectations that higher interest income will boost profits for lenders. The Federal Reserve has hiked rates twice since December and has a 73% chance of doing it again as soon as September, according to World Interest Rate Probability data provided by Bloomberg.